News

Sotheby’s earns net income worth $161 million in 2010

Revenues increased 60 %

diamond world news service

Auction house Sotheby’s noted its financial results for 2010 ending with profits worth $161 million from a loss of $6.5 million one year ago, and which the auction house reports to be its ‘best yearly result ever, apart from 2007’. Total revenues increased 60 percent to $774.3 million in the year, while operating income rose 415 percent to $274 million. Jewellery sales valued $405 million, which was a record for the company. Consolidated sales stood at $2 billion.

EBITDA margin was 37.2 percent which is 200 basis points higher than in 2007. The company attributes much of its boost in sales to revived economy, a focus on cost discipline and margin management. the company held a lower risk profile in 2010 as compared to 2006 and 2007.

In the fourth quarter ending December 31, 2010, revenues increased 45 percent to $317.9 million and profit increased by 31 percent to $96.2 million.


Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet

Florida Couple Discovers Rare 3.36-Carat Diamond at Arkansas’ Crater of Diamonds

Fancy Colour Diamond Prices Surge 205% Since 2005, Says Natural Diamond Council

British Luxury Brand Anayah Breaks Barriers with First Female Artisans in India

De Beers' Payments to Namibia Fall Amid Diamond Market Slump

WFDB Backs Industry-Wide Pact to Support Natural Diamond Promotion